Puerto Rico Aqueduct & Sewer Authority

Municipal bonds ended the week unchanged for the sixth consecutive trading session as inflows surged as more than $7 billion is headed to market next week.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

The authority succeeded in selling unrated bonds to take out CCC-rated bonds.

Preliminary yields in the offering memorandum show spreads of 112 to 169 basis points over triple-A benchmarks, substantially lower than spreads seen in a successful speculative grade PRASA refunding in December.

While the truckers returned to work Thursday night, their union said board interference could lead to a renewed strike.

The $10.1 billion General Fund focuses on operational improvements, Medicaid reform, and enhancing tax compliance.

Economists in Puerto Rico panned the proposal to raise the rate to $9 per hour saying it would hurt businesses.

The board set a noon Thursday deadline for repeal of Act 7, otherwise it will seek a legal remedy.

Biden called on Congress to amend the Social Security Act to include Puerto Rican residents for benefits. The Oversight Board has said the benefits would lead to $1 billion more per year to island residents.

The board plans to pick an operator for PREPA's electrical generation in second half of this year.